Giverny Capital

Q3 2021 13F · by François Rochon, CEO

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $3.4B · prev $1.6B
Positions: 59 · prev 57
Options notional: $0
Documents: 2· 1 amendment

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves62 since the prior filing

+0.3 pp in · −0.3 pp out

New 5 +0.67 pp
Added 54 −0.36 pp
Trimmed 0 0.00 pp
Exited 3 −0.31 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.6% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions38% of US stock

Revealed late, restated

revealed late 1 name revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Nov 15, 2021 ↗

Positions59 in this filing · 3 exited


BRK.BBERKSHIRE HATHAWAY Class B	12.10%	1,495,088	$408M	added×2.0	−0.34 pp	20 q
KMXCarMax Inc.	8.80%	2,319,158	$297M	added×2.1	+0.07 pp	27 q
GOOGAlphabet Inc. Class C	6.28%	79,482	$212M	added×2.1	+0.40 pp	27 q
AMEAmetek, Inc.	5.64%	1,532,498	$190M	added×2.1	−0.38 pp	20 q
MKLMarkel Group Inc.	5.26%	148,424	$177M	added×2.1	+0.11 pp	27 q
METAMeta Platforms, Inc. Class A	5.00%	496,316	$168M	added×2.1	+0.05 pp	14 q
SCHWThe Charles Schwab Corporation	4.84%	2,238,222	$163M	added×2.1	+0.11 pp	13 q
NVRNVR, Inc.	4.37%	30,752	$147M	added×2.0	−0.20 pp	13 q
VVISA Inc.	4.37%	662,126	$147M	added+99%	−0.37 pp	27 q
PGRProgressive Corporation	4.29%	1,601,792	$145M	added×2.1	−0.31 pp	9 q
HEI.AHeico Corp Cl A	4.19%	1,191,952	$141M	added×2.1	−0.18 pp	21 q
KEYSKeysight Technologies, Inc.	4.19%	860,760	$141M	added×2.0	+0.20 pp	11 q
JPMJPMorgan Chase & Co.	3.71%	763,540	$125M	added×2.1	+0.27 pp	22 q
FIVEFive Below, Inc.	3.50%	666,916	$118M	added×2.1	−0.21 pp	19 q
BACBank of America Corporation	3.40%	2,698,184	$115M	added×2.0	+0.03 pp	11 q
FBINFortune Brands Innovations, Inc.	2.96%	1,117,624	$100M	added×2.0	−0.35 pp	23 q
EWEdwards Lifesciences Corp	2.70%	804,300	$91M	added+98%	+0.15 pp	16 q
ICEIntercontinental Exchange Inc.	2.15%	631,616	$73M	added×2.1	−0.01 pp	6 q
DISThe Walt Disney Company	2.01%	400,600	$68M	added+99%	−0.15 pp	27 q
SNBRQSleep Number Corp	1.92%	694,182	$65M	added+100%	−0.40 pp	7 q
GOOGLAlphabet Inc. Class A	1.50%	18,858	$50M	added×2.1	+0.14 pp	21 q
ATHMAutohome Inc.	1.03%	737,402	$35M	added×2.1	−0.31 pp	7 q
ISRGIntuitive Surgical Inc.	0.64%	64,684	$21M	added×479.1	+0.63 pp	5 q
CACCCredit Acceptance Corp	0.59%	33,972	$20M	added×3.5	+0.32 pp	6 q
HCSGHealthcare Services Group	0.55%	740,332	$19M	added+100%	−0.16 pp	13 q
SSNCSS&C Technologies Inc	0.51%	245,740	$17M	added×3.0	+0.15 pp	7 q
ANETArista Networks	0.49%	48,296	$17M	added×3.0	+0.14 pp	6 q
OZKBank OZK	0.46%	357,144	$15M	added+99%	0.00 pp	12 q
LBRDALiberty Broadband Corporation Class A	0.35%	70,910	$12M	new	+0.35 pp	new
FRCBFirst Republic Bk CA	0.31%	53,888	$10M	added×3.0	+0.10 pp	6 q
MAMastercard Incorporated	0.27%	26,398	$9M	added×2.9	+0.07 pp	27 q
BRK.ABerkshire Hathaway Inc.	0.20%	16	$7M	added×2.0	0.00 pp	17 q
AMZNAmazon.Com Inc	0.14%	1,406	$5M	added×3.0	+0.04 pp	6 q
SPYState Street SPDR S&P 500 ETF Trust	0.12%	9,704	$4M	added×2.0	−0.01 pp	17 q
LULUlululemon athletica inc.	0.11%	9,230	$4M	added×2.0	+0.01 pp	17 q
unresolvedIi-Vi Inc	0.11%	64,414	$4M	new	+0.11 pp	new
AAPLApple Inc.	0.10%	22,876	$3M	added+94%	0.00 pp	13 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.09%	7,640	$3M	new	+0.09 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.08%	24,896	$3M	added×3.0	+0.02 pp	6 q
WWayfair Inc.	0.08%	10,878	$3M	new	+0.08 pp	new
ODFLOld Dominion Freight Line	0.07%	8,134	$2M	added×2.0	+0.01 pp	11 q
MSFTMicrosoft Corp	0.06%	7,156	$2M	added×2.0	0.00 pp	6 q
unresolvedBrookfield Asset Mgmt Inc	0.05%	33,978	$2M	added×2.0	−0.02 pp	27 q
BABAAlibaba Group Holding Limited	0.04%	9,952	$1M	new	+0.04 pp	new
LFUSLittelfuse Inc	0.04%	5,540	$2M	added+99%	0.00 pp	16 q
MTBM&T Bank Corp.	0.04%	9,366	$1M	added×2.0	0.00 pp	2 q
NVONovo-Nordisk A/S	0.04%	12,400	$1M	added×2.0	+0.01 pp	5 q
ROPRoper Technologies, Inc.	0.04%	2,920	$1M	added×2.2	0.00 pp	11 q
SBUXStarbucks Corp	0.04%	12,654	$1M	added×2.0	0.00 pp	5 q
TJXTJX Companies, Inc. (The)	0.04%	19,078	$1M	added×2.3	+0.01 pp	17 q
FASTFastenal Co	0.03%	19,408	$1M	added×2.2	0.00 pp	13 q
SLViShares Silver Trust	0.03%	46,000	$944,000	added+97%	0.00 pp	5 q
IYFiShares U.S. Financials ETF	0.02%	6,220	$514,000	added×2.0	0.00 pp	3 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.02%	16,092	$824,000	added×2.0	0.00 pp	11 q
GIBCGI Inc.	0.01%	3,330	$282,000	added+57%	0.00 pp	2 q
ITBiShares U.S. Home Construction ETF	0.01%	7,322	$484,000	added×2.5	0.00 pp	2 q
LLYEli Lilly & Co.	0.01%	864	$200,000	added×2.0	0.00 pp	5 q
RMDResMed Inc.	0.01%	874	$230,000	added×2.0	0.00 pp	5 q
RBARB Global, Inc.	0.00%	2,140	$132,000	added×2.0	0.00 pp	5 q
LBRDKLiberty Broadband Corporation Class C	—	−20,482	—	exited	−0.22 pp	—
JECJacobs Engineering Group	—	−11,477	—	exited	−0.09 pp	—
NGDNew Gold Inc.	—	−30,000	—	exited	0.00 pp	—